Help with signing up to an umbrella company

[missinggreenfields]

The cost for Google Adwords for the term "Umbrella Company" was around £15.00 per click through last time I looked - so my guess is any company thati s prepared to pay out that kind of money is making way too much from the contractors

I searched for "UK umbrella company" and one of the adwords results at the top is offering me up to 92% take home. Put my rate into their calculator and apparently I can take home over 90% of my rate.

All this from a company that was only incorporated in the middle of 2014 and has never filed any accounts - but they do put their company number on the website, which is rare.

What could possibly go wrong?

[missinggreenfields]

What could possibly go wrong?

Just in case anyone was wondering, I got a detailed breakdown and it includes a £90k loan to me

Glad nothing was dodgy, I was starting to worry.

                                             ANNUALLY     MONTHLY
Gross Pay - Contract Value                   £132,000     £11,000
*Market Rate Gross payment:                   £33,000      £2,750
Less Expenses:                                 £8,640        £720
Gives you an Earned Income of:                £24,360      £2,030
Less Class 2 NI:                                 £146         £12
Less Class 4 NI:                               £1,467        £122
Less Income Tax @ 20%:                         £2,672        £223
Less Income Tax @40%:                              £0          £0
Total Deductions:                              £4,285        £357
This leaves available for Loans:              £99,000      £8,250
Less Fees:                                     £8,580        £715
Loan:                                         £90,420      £7,535

What you receive
*Market Rate Gross payment:                   £33,000      £2,750
Less Total Deductions:                         £4,285        £357
Add Loan:                                     £90,420      £7,535
You receive: Market Rate - Tax - NI + Loan:  £119,135      £9,928

Total Costs:     9.75%
You take home:  90.25%

[lucyclarityumbrella]

And I sit here thinking that honesty was the best policy

And HMRC wonder why contractor's are tempted, just look at the reality of around 53%...

Monthly
Company Income 11000.00
Employer's NI 1,239.27
Employee's NI 470.81
Employee Tax 3,329.58
Total All Tax 5,039.66
CU Margin 108.50
Total Net Income 5,856.90